Bitcoin price recently closed above the median in a bull channel, providing a bullish outlook for the flagship cryptocurrency. Accordingly, cryptocurrency analyst Tony Severino provided insight into the future of Bitcoin.

What’s next for the price after the Bull Channel closes?

In a post on X, Tony Severino mentioned that Bitcoin price is again testing the median in the bull channel, z evening star pattern are forming on the chart, indicating a potential reversal. He noted that Bitcoin is struggling to stay above the $96,000 range, which could invalidate this sell signal.

However, if Bitcoin closes below this mid-range, Tony Severino warns that the price could see a significant downtrend to $90,000 range. If this mid-range holds, the crypto analyst expects Bitcoin to break into the upper channel above the $100,000 level.

Tony Severino revealed that the target for this uptrend channel is $267,000. However, he doesn’t think the Bitcoin price will reach this level during this bull market. Instead, the cryptocurrency analyst predicts that Bitcoin’s peak could be between $160,000 and $190,000, although Severino is more confident about the former market peak.

The cryptocurrency analyst added that the golden ratio is in the range of $160,000, which makes this goal more realistic. He also raised the possibility that Bitcoin’s price will eventually rise to $169,000 as it peaks in this range. As part of this analysis, it is worth mentioning that Bitcoin is currently at risk of falling to this $90,000 level after failing to maintain the median level of $96,000.

The $94,000 range is the next level to watch

Cryptocurrency analyst CrediBULL Crypto recently suggested that the $94,000 range is the next level to watch for Bitcoin price. According to him, it is this level that matters. He claimed that BTC is bullish on all time frames as long as the flagship cryptocurrency stays above this level. However, if Bitcoin loses this level, it could lead to a significant downtrend.

CrediBULL Crypto stated that a break below $94,000 will signal a change in momentum and a potential larger correction that could cause Bitcoin’s price to bottom out $80,000 range. The positive is that investors remain positive about Bitcoin’s trajectory, despite a potential price correction on the horizon.

In the post: X, cryptocurrency analyst Ali Martinez he mentioned that investors are buying the dip. This came after he revealed that the percentage of all traders with long positions in Bitcoin increased from 45.36% to 55.93%.

At the time of writing, Bitcoin is trading at around $94,800, down more than 3% in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com